Ways to Lower Auto Insurance Premium in Ohio
Reader’s Question:
I am going to buy my teen daughter her first car this December. It’s going to be my Christmas gift for her. This is the first time that I am gonna add my teen daughter under my car insurance policy and I’m afraid that it’s gonna cost me so much. Can you give me ways on how to lower my auto insurance premium in Ohio? I would appreciate any help you can give. Thank you so much in advance!
Felicity
Toledo, OH
Merry Christmas in advance Felicity! I bet your daughter will like her birthday present.
Going back to your question, let me just give you some tips on how to get cheap auto insurance rate in Ohio.
First, make sure your daughter drives safely. Keeping a clean record is always a good thing to do to avoid a costly auto insurance premium;
Second, get higher deductibles;
Third, if you using an old insured car, drop the comprehensive and collision coverages on that car;
Fourth, ask for discounts;
Fifth, shop, shop, and shop for auto insurance quotes.
If you have additional questions on how to save on your auto insurance premium, you can ask your car insurance agent in Ohio or even the Ohio Department of Insurance.
Buying Auto Insurance in New Jersey
Reader’s Question:
I heard from a friend that in New Jersey people can purchase auto insurance through two markets (which I don’t quite remember what the name of the markets are). Also, she told that being able to buy auto insurance from standard market depends if you have less than seven insurance eligibility points or not. Can you explain this to me? What are those markets.
Cherrie
Orange City, NJ
Yes your friend is correct Cherrie.
According to New Jersey Department of Banking and Insurance, residents of NJ can buy auto insurance through voluntary market or what is commonly known as regular market and assigned risk market or residual.
Being able to buy through these markets depends on a person’s insurance eligibility points. Let me just make this clear that insurance eligibility points are not the same as the points given to drivers by the New Jersey Motor Vehicle Commission. The insurance eligibility points are points given by car insurance companies to drivers. This depends on the driver’s suspensions, traffic violations, and accidents wherein he/she is deem to be at-fault. In addition, for new drivers (regardless of how old the driver is and the gender) they are automatically given three insurance eligibility points upon purchasing auto insurance. So the higher your insurance eligibility points are means the higher the risk of insuring you.
Once the driver accumulates seven insurance eligibility points, he/she may no longer purchase auto insurance policy through regular market. This is where the assigned risk market kicks in. This is through this market that a driver with seven or more insurance eligibility points could purchase his/her auto insurance policy.
If you have additional question about insurance eligibility points, you can ask your auto insurance agent in NJ or even the NJ Department of Banking and Insurance.
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